The currency pair still trades in an uptrend.
Buyers remain dominant in the market at the moment.
USDJPY Weekly Price Analysis – April 12
At the moment the USDJPY remains on the positive side. The price still trades in an uptrend and may likely soar higher and break up above the current supply level at the $152.50 high mark if the bulls could add more aggression to their buying actions in the market. Conversely, if the coin prices sustain above the level of $152.50, the bulls’ trend would continue upward and may hit the $156.00 upper high level.
USDJPY Market
Key Levels:
Resistance levels: $150.00, $151.00, $152.00
Support levels: $130.000, $129.000, $128.000
USDJPY Long-term Trend: Bullish (Daily Chart)
Despite the inflows from the sell traders, the USDJPY pair still trades in an uptrend in the higher time frame. The upward trend will likely continue due to the high bullish impact on the Yen.
The sustained bullish pressure on the currency pair in the past few days has sustained the Yen price to remain in an uptrend in its recent high.
The journey up north continues as the bulls caused a rise again to the price of USDJPY to the $152.50 resistance value above the moving averages as the daily chart opens today. This indicates more active buy traders in the price flow.
A bullish breakout from the current resistance will trigger the recovery pattern and drive the prices of USDJPY higher to hit the $153.00 supply value.
Furthermore, the pair is pointing upwards on the daily signal, which means that the USDJPY price will remain in an uptrend which may reclaim the $156.00 psychological resistance to obtain a better possibility for price recovery in its higher time frame.
USDJPY Medium-term Trend: Bullish (4H Chart)
On the medium-term outlook, prices still trade in an uptrend above the moving average line and have confirmed a bullish momentum breaking the previous high. The pair is in a smooth uptrend as can be seen from the chart below.
The intervention from the bulls at the $151.78 level in the previous action has made the currency pair trade in an uptrend in its recent high.
USDJPY is losing bearish momentum as it rises to a $152.49 high level above the moving averages as the 4-hourly chart begins today. This is due to a high bullish impact on the market price, indicating that positive sentiment is returning to the market.
Thus, buyers need to add more pressure to their activities to move the market beyond the current price level.
In addition, the USDJPY market is showing more upside possibilities as shown by the daily stochastic pointing upwards; we can certainly expect more gains and strength from the Yen. The pair may likely grow to reach the $156.00 upper resistance level soon as the pair still trades in an uptrend in its medium-term time frame.
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